Oireachtas Joint and Select Committees

Thursday, 30 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour)
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It's on the screen in front of you. Mr. Gleeson just says that, if you look at the top of the screen there, "The final point I made related to the form of the guarantee; an initial draft had been furnished (I think by Bank of Ireland) and was in a form which we thought too bare." He then goes on to say, "I mentioned that a guarantee had to read correctly to technical eyes in Foreign [Central] Banks (I mentioned Peru, Libia (sic) and Russia. We furnished a more extensive formula (which we had brought with us)." He subsequently went into his own area on this. It is just to confirm ... Deputy McGrath will go into this in detail then. Did Bank of Ireland come that evening with a prepared document or formula of words or a note as to how the guarantee would be structured?